News

Logitech Beats Earnings Estimates and Raises Guidance Despite Sales Decline

1 Mins read

Logitech International, the computer peripherals maker, has surpassed earnings estimates and increased its guidance for the fiscal first quarter, despite a continued decline in sales. Although the company still foresees a sales decline for the first half of the fiscal year, the decrease will not be as sharp as previously expected. This positive news has resulted in a 3.4% increase in Swiss-listed shares during early European trading.

Logitech now anticipates sales to range between $1.875 billion and $1.975 billion in the first half, higher than the previous estimate of $1.8 billion to $1.9 billion. The revised sales decline is projected to be between 14% and 19%, which is an improvement compared to the previous range of 18% to 22%.

The upward revision was prompted by impressive first-quarter results that surpassed expectations. The company reported adjusted earnings per share of $0.65, exceeding analysts’ estimates of $0.46, as reported by FactSet. Additionally, sales of $974 million, a 16% decrease compared to the previous year, also outperformed expectations by surpassing the anticipated $916 million.

Interim CEO Guy Gecht expressed his pride in the team’s accomplishments during the first quarter amidst challenging market conditions.

Although Logitech’s Swiss-listed stock experienced a significant 12.5% decline last month following the abrupt departure of CEO Bracken Darrell, it has since recovered and is currently down only 0.3% for the year in early European trading.

Related posts
News

North Korea Accused of Stealing Billions Through Cyberattacks to Fund Nuclear Program

3 Mins read
An international report reveals North Korea’s extensive cyber operations, detailing billions stolen through cryptocurrency theft, fake remote tech jobs, and malware, all…
News

The silent war: When virtual attacks inflict real-world devastation

3 Mins read
As digital transformation accelerates worldwide, cyberspace has become vital to the economy and society — but also a high-risk arena for data…
News

'Ether Caught Fire': ETH Surged as Capital Fled Bitcoin in Q3, CoinGecko Report Finds

2 Mins read
Ethereum (ETH) emerged as the frontrunner in crypto’s third-quarter recovery, leaving bitcoin (BTC) behind as capital flowed into altcoins, DeFi protocols, and…

Leave a Reply

Your email address will not be published. Required fields are marked *

64 + = 68